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The Bushveld Minerals Limited Plc stock exchange firm (LSE:BMN) has been placed under a bearish trend as it maintains it following a rise from the support line of 2.50.
The declining motion has been running since the early days of March, when the share price fell from a high point around 5. At this point, the trade outlook portends a signal toward witnessing a repositioning pattern to get a shorting order entry around the resistance zone of 3.50 or in an extension of 4. In the wake of that trade sentiment, sellers should be wary of placing positions against any aggressive move billed to surge past those points, as such proceeds could give breath to more swing highs in the long run.
Resistance Levels: 4, 4.50, 5
Support Levels: 2.50, 2,
Whether in the upside or downside direction, which of them is likely to play out around the EMAs in the near future?
At this point in this technical write-up, it is more likely that short-position placers will still push down the values of the Bushveld Minerals Limited stock, following a rise from underneath the EMA lines in the recent session.
Judging by the reading of most of the indicators, there has been an overbought trade condition by the Stochastic Oscillators to create a warning sign against having a strong northward push. And they are trying to cross back to the south from between 100 and 80. The 15-day EMA is underneath the 50-day EMA. There have been two top shadow candlesticks to mark the critical resistance point of the commencement of descending moves to headlong back to revisit the former low of around the 2.50 support.
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